In a pre-close trading update for the year ended 31 July 2009, Mouchel Group plc, said it anticipated reporting results in line with the Board's expectations.
The Group said that prospects continued to be underpinned by a strong order book and healthy bidding pipeline, standing at £1.9 billion and £2.2 billion respectively at 31 July 2009, compared with £2.0 billion and £1.9 billion respectively at the half year.
In terms of bidding for new work, the Group's win rate during the last six months had been restored to within its target range of between 1 in 3 and 2 in 5 of tenders by value.
In Management Consulting, Mouchel has completed what it described as “the right-sizing” of the business and the appointment of a new management team. The Group said it now had greater flexibility to respond to any future changes in demand for its services in this area.
Mouchel has now substantially exited the rail sector and is in the process of completing its major commitments with Network Rail.
The Group said that notwithstanding the current economic situation, market conditions remained generally buoyant with continuing evidence of strong demand in all of its core markets - Government Services, Regulated Industries and Highways.
In Regulated Industries, Mouchel has now secured the five-year extension to its existing contract with United Utilities, held in joint venture with Kier, Murphy and Interserve, and also expected to do likewise with Yorkshire Water in joint venture with Costain. Mouchel is continuing to bid for other opportunities under AMP5 with the major water companies in the UK. The company is also pursuing specific opportunities with Severn Trent in the use of new technology for leakage detection and for revenue metering with Thames Water.
The Group's net debt level currently stands at around £100 million. Banking facilities of £190 million, the larger part of which remains in place until the second half of 2012, continue to give the Group certainty of funding for the next three years.
Mouchel said it believed it would continue to benefit from sustained public expenditure in its markets and from its strong focus on the provision of essential services and maintenance of vital infrastructure. The Group will announce its preliminary results for the year ended 31 July 2009 on Tuesday 6 October 2009.
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